An entire generation locked out of property ownership

ukcarper

Percy1983 wrote: »

Firstly I never said you where old (did I?). My point is houses aren't as affordable as they where in 1981. You say about the black and white portable, my point is technology moves on (I look forward to 30 years from now when I can say at 27 I 'only' has a 40" LCD TV).

In short there is more temptation for us youngers ones to not save, but its not easier.

To ask the question asked before, if you where doing the same jobs now as you where in 1981 would you be able to buy the house you bought back then, probably not or it would be harder.

Yes the generation before may have had it hard, but we have got it harder, yes great we can get clothes cheap now so don't need to make our own, yes TV's have got bigger, yes foreign travel has got cheaper, but please don't make out we are lucky, I would give that all up for a £36k 3 bedroom house, I value my future with my wife to be and future children more than a new iPhone.

You keep telling us how easy it was to buy in the past, but if you bought in the early 70s or late 80s you would be have paid almost as much as you would now in relation to average wages. It’s no good trying to use the mid 90s as typical.

ILW

ukcarper wrote: »

You keep telling us how easy it was to buy in the past, but if you bought in the early 70s or late 80s you would be have paid almost as much as you would now in relation to average wages. It’s no good trying to use the mid 90s as typical.

That is true, it does appear taht all the whingers to seem to pick a rather brief "golden age" to make their comparisons with. Go back to the 60s and 70s and I believe less than 50% owned, go back to the 30s and it was less tan 20%.

Graham_Devon

Oh no, another "now and then, who has it easiest" argument!

Biggest difference by far, today, and for the last decade and a bit, is the expansion of credit and credit cards. Thats mainly whats behind people being able to afford mortgage AND a holiday etc. Without credit, living today, wouldn't be that much different to living a few decades back. Technology would have advanced, but the ability to pay for it wouldn't.

dianadors

Just been for a rummage through my old stuff and I actually was earning £205 per month - the mortgage was £185 per month. 1st Hubby was earning £305. The house we bought was an old ex NCB house and was a 2 bedroomed semi. I loved it but it wasn't flash. I do think you have it hard, I think all the "stuff" makes it harder. I agree with Graham_Devon that credit cards make it easier to afford a house and a holiday, but the only time I got in trouble with money was when I put our holiday on a credit card - 7 years later I managed to pay it off. I also don't think its harder or easier now (or then). I think its tough and it always has been tough (thats what I said originally). My parents tried to discourage me from buying because it was such a scarey prospect - but Ive finished paying my mortgage now whilst they use all their state pension to pay for council house rent. We have made lots of sacrifices but they were our choice to do so. Ive gone out for a night out with pals who wear expensive clothes and drive brand new cars and I have felt very much like the poor relation in charity shop clothes, but I feel it has all been worth it. Just to reiterate - I don't think it is easier or harder now. It was tough when I did it, and its still tough now.

ukcarper

Graham_Devon wrote: »

Oh no, another "now and then, who has it easiest" argument!

Biggest difference by far, today, and for the last decade and a bit, is the expansion of credit and credit cards. Thats mainly whats behind people being able to afford mortgage AND a holiday etc. Without credit, living today, wouldn't be that much different to living a few decades back. Technology would have advanced, but the ability to pay for it wouldn't.

I certainly wouldn’t say it is easier to buy now, what I am saying is that there have been times in the past when it has been just as hard to buy and it’s no good thinking everybody who bought in the past had the opportunity to buy at mid 90s prices.

Lot of things are much cheaper now TVs Computers Holidays etc even food, but then there is more temptation.

geneer

HAMISH_MCTAVISH wrote: »

I see.
So the solution is to just prevent most potential first time buyers from getting mortgages, so the few remaining have less competition

No. The solution is to lend to those why can afford too.
Homeownership is not a fundamantal human right.
Less competition is a happy bonus.

HAMISH_MCTAVISH wrote: »

I see.

No, I didn't think you would.

A bit rich coming from one of the doomsters who was much happier to see FTBs priced out by skyrocketing house prices instead.

Thankfully your doomster predictions didn't come true, and in the not too distant future house prices will be more readily affordable to the typical family.

Cleaver

Graham_Devon wrote: »

Oh no, another "now and then, who has it easiest" argument!

Biggest difference by far, today, and for the last decade and a bit, is the expansion of credit and credit cards. Thats mainly whats behind people being able to afford mortgage AND a holiday etc.

30 years ago my parents were on very similar equivalent wages, in similar jobs, to what my wife and I are now in. And it's true that my wife and I have travelled a lot of places abroad on a regular basis, whereas they went on one flight to America when I was a baby, and had the rest of their holidays in the UK until they retired five years ago or so.

However, they didn't pay for holidays on credit cards and nor do we. My Dad told me that when they went on a holiday to America in the early 80s, two adult fares were the equivalent of a whole month's wages for him and my Mum. That's like my wife and I paying over £4,000 for return flights to New York now. Okay, I'm sure that's not a scientific way of looking at it, but you know what I mean. Flights were very, very expensive thirty years ago.

So I'm not saying that people don't use credit cards now to pay for holidays, as I'm sure more people do use credit for holidays as more people seem to use credit for everything. But I'd say that the reason for people having more hoildays abroad now compared to thirty or forty years ago is that holidays are a lot cheaper.

chewmylegoff

Cleaver wrote: »

That's like my wife and I paying over £4,000 for return flights to New York now.

christ, you could only get premium economy seats for that these days. just imagine it, having to sit near the unwashed at the back.

ILW

It does also seem that most start their working live 3 or 4 years later than the majority did 30 years ago.

FTBFun

ILW wrote: »

It does also seem that most start their working live 3 or 4 years later than the majority did 30 years ago.

Apparently there's something called a "university" and you do these things called "degrees" that last 3 or 4 years.